HomeMy WebLinkAbout17-76 Tax Abatement for River Park Corp. r
Filed in Clerk's Office
04SpUTH 8�'i'd
NOV 112017
W \ DIh a a
PEACH
KAREEMAH B=OWLER
CITY CLERK,SOUTH BEND, IN
1865 '— -- —
CITY OF SOUTH BEND
COMMUNITY INVESTMENT
November 21, 2017
Council Member Gavin Ferlic, Chairperson
Community Investment Committee
South Bend Common Council
4th Floor, County City Building
South Bend, IN 46601
RE: Real Property Tax Abatement Petition for: River Park Leasing Corp.
Dear Council Member Ferlic:
Please find the attached information pertaining to a real property tax abatement petition
for River Park Leasing Corp.
River Park Leasing Corporation, owned by a South Bend native and entrepreneur,is
proposing the development and construction of the first new downtown office structure in
decades. While exciting for that reason alone,the project is even more desirable as it will
be comprised of Class A office and retail space,with premier fit and finishes offering
companies and tenants the highest quality of office space. The proposed building will sit
on Jefferson&Main downtown, and will be inclusive of high-end ground-floor retail
topped by 5 stories of prime office space. Early renderings will be shared at committee.
It is also important to recognize the extended impact of job creation and retention this
development will drive. The owner/developer can only list and be held accountable for
the jobs that will be directly created in his top floor business/office. However,from the
first floor retail to four additional floors of office space totaling 38,000 square feet of the
building,there will be many more"indirect"jobs created and/or retained in South Bend
as a result of this development.
EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION I EMPOWERMENT
14005 County-City Building 1227 W.Jefferson Bvld.I South Bend,Indiana 466011 p 574.235.93711 www.southbendin.gov
CITY OF SOUTH BEND I COMMUNITY INVESTMENT
The owner/developer is, again, a South Bend native. It has been noted that he is pursuing
this venture after witnessing a revitalization of downtown South Bend over the past 10
years.Nonetheless, a$9,000,000.00 investment in world-class office space is a
significant risk in any metropolitan area. DCI staff recommends that we partner with the
developer to mitigate this risk to a reasonable degree and enable this new development in
downtown South Bend. A tax abatement is a meaningful tool allowing ramp-up time for
the owner/developer to bring tenants into the new retail/office building.
The Department of Community Investment's recommendation for support of this project
is a 6-year, 100%tax abatement. This level of partnership and investment is supported
by the petitioner's level of investment and other"points"factors from their Petition
Packet, by the algorithms and computations that drive our objective analyses, and by the
investment and participation levels (-15%)that we set as a meaningful benchmark for all
deals. It is a good investment for the City of South Bend.
In summary the project entails the following:
• Purchase of land at$50,000.00
• $9,000,000.00 in Private Investment
• Six-story, 38Ksf class A retail/office space
This packet includes the following:
➢ Department of Community Investment's summary report
➢ Copy of the petition
➢ Statement of Benefits form
➢ Supporting information.
Should you or any of the other Council members have any questions concerning the
report, or need additional information,please feel free to call me at 235-5823.
Sincerely,
Daniel J. Buckenmeyer
Director, Business Development&Economic Resources
Department of Community Investment
City of South Bend
EXCELLENCE I ACCOUNTABILITY I INNOVATION I INCLUSION EMPOWERMENT
14005 County-City Building 1227 W.Jefferson Bvld.I South Bend,Indiana 466011 p 574.235.93711 www.southbendin.gov
o4SpUTH p ` Filed in Clerk's Office
NOV 21 2017
eence�
KAREEMAH FOWLER
x
1865 x CITY CLERK,SOUTH BEND,IN
CITY OF SOUTH BEND
COMMUNITY INVESTMENT
TAX ABATEMENT REPORT
TO: SOUTH BEND COMMON COUNCIL
FROM: DANIEL BUCKENMEYER
SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR:
River Park Leasing Corporation
DATE: November 21,2017
On Tuesday November 211, 2017, a petition from River Park Leasing Corporation was received
and subsequently filed with the City Clerk for real property tax abatement consideration for
property to be located at the intersection of Jefferson Boulevard and Main Street, South Bend, IN
46601. Pursuant to Chapter 2,Article 6,Section 2-84.2 of the Municipal Code of the City of South
Bend, this petition was referred to the Department of Community Investment for purposes of
investigation and preparation of a report determining whether the area qualifies as an Economic
Revitalization Area pursuant to I.C.6-1.1-12.1 and whether all zoning requirements have been met.
The Department of Community Investment has reviewed the petition(a copy of which is attached),
investigated the area,and makes the following report.
PROJECT SUMMARY
➢ Construction of the approximately 37,800 sq. ft. class A office building(with first
floor retail)which would further support positive impact and growth in downtown
South Bend.
➢ This type of office development hasn't been done in over two decades. The top
floor of the proposed five (5) story building will house a new start-up aimed to
employ 12-20 professionals in the next 2-3 years.
➢ $9,000,000 private investment in the building construction
➢ Land purchase from the Redevelopment Commission for$50,000.
➢ Estimated taxes being abated during six year abatement period—$1,296,000 l
EXCELLENCE , ACCOUNTABILITY ! INNOVATION I INCLUSION I EMPOWERMENT
14005 County-City Building 227W.Jefferson Bvld. South Bencl.Indiana 46601 p574.235.9371 www.soutlibendin.gov
CITY OF SOUTH BEND ! COMMUNITY INVESTMENT
EMPLOYMENT EMPACT
Per the petition, it is estimated that the total project will:
➢ Create fifteen(15)direct and permanent full time jobs within 3 years,representing
a new annual payroll of$750,000
➢ Create indirect full time jobs by leasing office space to tenants
➢ The hourly wage for managerial and administrative employees is expected at
minimum$25+
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EXCELLENCE ' ACCOUNTABILITY INNOVATION INCLUSION 1 EMPOWERMENT 3
14005 County-City Building 227 W.Jefferson Bvld.i South Bend,Indiana 46601'p 574.235.9371 www.southbendin.gov
CITY OF SOUTH BEND I COMMUNITY INVESTMENT
ABATEMENT QUALIFICATION
1. A review of the tax abatements previously granted, finds that the petitioner has not
been granted or associated with any previous abatements.
2. The Building Commissioner has reviewed the petition and finds the property to be properly
zoned for the proposed project.
3. A review of the South Bend Redevelopment designation areas finds that the property is located
in the River West Development Area.
4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the
qualifications for a(6)six-year real property tax abatement under section 2-84.2,Tangible Real
Property Tax Abatement.
i
EXCELLENCE I ACCOUNTABILITY ` INNOVATION I INCLUSION I EMPOWERMENT
14005 County-City Building',227 W.Jefferson Bvld.1 South Bend,Indiana 46601;p 574.235.9371 www.southbendin.gov
t
RESOLUTION NO.
A RESOLUTION OF THE COMMON COUNCIL OF THE
CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN
THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS
Intersection of Jefferson Blvd and Main St, South Bend, IN 46601
AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A
(6) SIX-YEAR REAL PROPERTY TAX ABATEMENT FOR
River Park Leasing Corporation
WHEREAS, a petition for real property tax abatement consideration has been filed with
the City Clerk for consideration by the Common Council of the City of South Bend, Indiana,
requesting that portions of the property located at the intersection of Jefferson Boulevard and Main
Street, South Bend, Indiana 46601which is more particularly described as follows:
Lot 260AA of the record plat of the Original Town of South Bend, Jefferson and
Main, Second Replat recorded on March 25, 2013, as Document No. 1308726 in the
Office of the Recorder of St. Joseph County
and which has Key Number 018-3007-0231, and be designated as an Economic Revitalization
Area under the provisions of Indiana Code 6-1.1-12.1 et seq., and South Bend Municipal Code
Sections 2-76 et seq., and;
WHEREAS,the Department of Community Investment has concluded an investigation and
prepared a report with information sufficient for the Common Council to determine that the area
qualifies as an Economic Revitalization Area under Indiana Code 6-1.1-12.1, et SeMc., and South
Bend Municipal Code Sections 2-76, et seMc., and has further prepared maps and plats showing the
boundaries and such other information regarding the area in question as required by law; and
WHEREAS,the Community Investment Committee of the Common Council has reviewed
said report and recommended to the Common Council that the area qualifies as an Economic
Revitalization Area.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South
Bend, Indiana, as follows:
SECTION I. The Common Council hereby determines and finds that the Petition for Real Property
Tax Abatement and the Statement of Benefits form completed by the Petitioner meet the
requirements of Indiana Code § 6-1.1-12.1 et seq., for tax abatement.
SECTION II. The Common Council hereby determines and finds the following:
A. That the description of the proposed redevelopment or rehabilitation meets the
applicable standards for such development;
B. That the estimate of the value of the redevelopment or rehabilitation is reasonable
for projects of this nature;
C. That the estimate of the number of individuals who will be employed or whose
employment will be retained by the Petitioner can reasonably be expected to result
from the proposed described redevelopment or rehabilitation;
D. That the estimate of the annual salaries of those individuals who will be employed
or whose employment will be retained by the Petitioner can be reasonably expected
to result from the proposed redevelopment or rehabilitation;
E. That the other benefits about which information was requested are benefits that can
be reasonably expected to result from the proposed described redevelopment or
rehabilitation; and
F. That the totality of benefits is sufficient to justify the requested deduction, all of
which satisfy the requirements of Indiana Code § 6-1.1-12.1-3.
SECTION III. The Common Council hereby determines and finds that the proposed described
redevelopment or rehabilitation can be reasonably expected to yield benefits identified in the
Statement of Benefits, Sections 1 through 3 of the Petition for Real Property Tax Abatement
Consideration and the Memorandum of Agreement between the Petitioner and the City of South
Bend, and that the Statement of Benefits form completed by the petitioner, said form being
prescribed by the State Board of Accounts, are sufficient to justify the deduction granted under
Indiana Code § 6-1.1-12.1-3.
SECTION IV. The Common Council hereby accepts the report and recommendation of the
Community Investment Committee that the area herein described be designated as an Economic
Revitalization Area and hereby adopts a Resolution designating this area as an Economic
Revitalization Area for purposes of real property tax abatement.
SECTION V. The designation as an Economic Revitalization Area shall be limited to two (2)
calendar years from the date of the adoption of this Resolution by the Common Council.
SECTION VI. The Common Council hereby determines that the property owner is qualified for
and is granted property tax deduction for a period of(6)six years as shown by the schedule outlined
below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17.
Year 1 - 100%
Year 2 - 100%
Year 3 - 100%
Year 4 - 100%
Year 5 - 100%
Year 6 - 100%
SECTION VII. The Common Council directs the City Clerk to cause notice of the adoption of
this Declaratory Resolution for Real Property Tax Abatement to be published pursuant to Indiana
Code § 5-3-1 and Indiana Code § 6-1.1-12.1-2.5, said publication providing notice of the public
hearing before the Common Council on the proposed confirming of said declaration.
SECTION VIII. This Resolution shall be in full force and effect from and after its adoption by the
Common Council and approval by the Mayor.
Member of the Common Council
RESOLUTION NO.
A RESOLUTION CONFIRMING THE ADOPTION OF A DECLARATORY
RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF
SOUTH BEND, INDIANA, COMMONLY KNOWN AS
Intersection of Jefferson Blvd and Main St, South Bend, IN 46601
AS AN ECONOMIC REVITALIZATION AREA FOR
PURPOSES OF A SIX (6) YEAR REAL
PROPERTY TAX ABATEMENT FOR
River Park Leasing Corporation
WHEREAS, the Common Council of the City of South Bend, Indiana, has adopted a
Declaratory Resolution designating certain areas within the City as Economic Revitalization Areas
for the purpose of tax abatement consideration; and
WHEREAS, a Declaratory Resolution designated the area commonly known as the
intersection of Jefferson Boulevard and Main Street, South Bend, Indiana 46601 described as
follows:
Lot 260AA of the record plat of the Original Town of South Bend, Jefferson and
Main, Second Replat recorded on March 25, 2013, as Document No. 1308726 in the
Office of the Recorder of St. Joseph County
and which has Key Number 018-3007-0231, and be designated as an Economic Revitalization
Area; and
WHEREAS, notice of the adoption of a Declaratory Resolution and the public hearing
before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5; and
WHEREAS, the Council held a public hearing for the purposes of hearing all
remonstrances and objections from interested persons; and
WHEREAS, the Council has determined that the qualifications for an economic
revitalization area have been met.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South
Bend, Indiana, as follows:
SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the
area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such
designation is for real property tax abatement only and is limited to two (2) calendar years from
the date of adoption of the Declaratory Resolution by the Common Council.
SECTION II. The Common Council hereby determines that the property owner is qualified for
and is granted real property tax deduction for a period of six (6) years as shown by the schedule
outlined below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17 and further
determines that the petition, the Memorandum of Agreement between the Petitioner and the City
of South Bend, and the Statement of Benefits comply with Chapter 2, Article 6, of the Municipal
Code of the City of South Bend and Indiana Code 6-1.1-12 et seq.
Year 1 - 100%
Year 2 - 100%
Year 3 - 100%
Year 4 - 100%
Year 5 - 100%
Year 6 - 100%
SECTION III. This Resolution shall be in full force and effect from and after its adoption by the
Common Council and approved by the Mayor.
Member of the Common Council
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City of South Bend 41111 SOUTH
Petition for Incentives
Petition must include a$2SO filing fee payable to the City Clerk's Once or online via the City's website at rKs
http://Soutlibendin.gov/government/content/tax-abatement before processing can be complete
General Information Project Name I Main modern office I Project Number
Legal name as registered with Secretary of River Park Leasing Corporation
Business structure Corporation
Company website none
Proposed Project Information
Proposed project address SW Corner(Main and Jefferson) Parent company name
City,State,zip South Bend, IN 46601 Legal owner
Site acreage or acreage required .71 ACreS Is the real estate owned or
Square feet of facility Proposed New(37,783 Office/Retail) If leased by whom
Primary Contact Information
Primary company contact name Randall Hesser Title Secretary and Counsel
Address of company contact 121 W.Franklin St., Suite 400 Phone (574)294-7491
City,state,zip Elkhart, IN 46516 Email
Senior Official Information
Company senior official name Title
Address of company contact(if different from Phone
above)
City,State,Zip Email
Consultant Information/Agent
Hired business consultant/agent name Great as Capital,LLC Consultant release(YIN) Yes
a Y N
Address 112 West Jefferson, Ste. 200 Local economic development partners Yes
roval
City,State,Zip South Bend,IN 46601 Email jsmoke @greatlakescapital.com
Project Overview
Brief description ofyour
company,project,and why the The entrepreneur and developer/building owner is a South Bend native who has
property is necessary for seen the revitalization of downtown South Bend over the past 10 years. The
economic growth developer desires to make a significant proposed investment of at least$8.5 million
to develop and construct a class A office building (with first floor retail)to further
support positive impact and growth in downtown South Bend. This type of office
development hasn't been done in over 2 decades. The top floor of the proposed 5
story building will house a new start-up aimed to employ 12-20 professionals in the
next 2-3 years. This proposed employment will complement new employees with
ground floor retail space and office users on floors 2-4. The building will have
premier fit and finishes and fill a void at the top of the Class A office market,offering
companies and tenants the highest quality of office space.
Certified Technology Park appropriate N/A Filed tee
Is the project in a Tax Incremental Financing Yes
IF I area? if 50 w �
Certify that the Building Permit has not been Correct-no permit Number of residential units created by O 7
If this is a petition for personal property tax abatement,has N/A
the equipment been installed /L ER
BEND,IN
Investment Details R �
Public Infrastructure needs(Off- Has any 504 funding been What is the value of any equipment being purchased in What is the value of any equipment being
site of project in dollars) received? Indiana for the project? purchased from out of state for the project?
no
New Project Investments
Calendar Year 2016 2017 2018 2019 2020 2021 2022 2023
Land Acquisition $50,000
Building Lease Payments
Building Purchase Costs
New Building Construction 519,000,000
Existing Building Improvements
New Machinery&Equipment
Special Tooling/Retooling
New Furniture/Fixtures
New Computer/IT Hardware
New Software
On-site Rail Infrastructure
On-site Fiber Infrastructure
TOTAL $0
Full-Time Permanent Indiana-Resident Positions by Calendar Year
Calendar Year Jobs retained Total hourly Cumulative#of net NEW full time Hourly average wage,w/o Total training Total#to be
wage w/o permanent jobs created at project benefits or bonuses,of expenditure- trained-not
fringe or cumulative net new jobs not cumulative
bonuses cumulative
d2021
8 $25+($50,000/year) $20,000
12 $25+($50,000/year)
15 $25+($50,000/year)
2025
2026
2027
Provide hourly wage information for new employees in the following positions.
Full time Part time
Laborers
Technical
Managerial 12 within three(3)years
Administrative 3 within three(3)years
Who will e the individual responsible for coordinating wit
WorkOne on recruiting? Randall Hesser
Does your company have an EEO hiring policyl Yes Are you an EEO employer? Yes
Please list the number of full time and part time minority and/or female employees for each of Please describe your commitment to
the last three years: diversity and inclusion by detailing your
outreach and recruitment efforts for the last
Year N/A NA N/A three years as well as current policies.
Full Time Part Time Full Time Part Time Full Time Part-rime
Black
Hispanic
Asian
Indian
Female
Other
Complete tselow for Real or Personal Property Tax Abatement oily.
Please sign for all requested incentives.
$enefit Item:
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PIeaSO Gdgttrlet *d�d (Q3Q�' IopFl3tt�R�A OF7 (f Earned Points Available Po;r�t$
you qualifb�� �? P!.eatteFIuICa[StotJ(ciez�tabT�
1 t hb psi 3EElfdtt6n.Ri f1
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20 19
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.,.:�„wf$}`7 Yom,-•r,.'�Ing ggg fit`,,„ •,>�”-`"`"`V�"�ycy=tivJ_'.�.�'�'a. �_` 18
51 `i. 4f]It' e155fot3ren@_ "' K = 18
L
saw_
tafGonstrurtion�Related. 141
-•w,
momem
Waee&Benefit Related{Owner)
d7
A Pay Target Wage Levels= {:_ - 33 33
h P;or i Ne'tth Benefits;' - ' - 34
3 29
{%rcvide Pension Benefits ,w� 'i
Provide Training .. -,J - 28
Provide Child Care
- I-. - Prc.v'oe Transpo:tat ion Assistance: 14
G. Provide Ernplc, Assisted Housing program 9
Sub-total Wage&Benefit Related: 162
R. R r .-Workforce Related:- - - -
h '�"ui� r � NewJo6s - 42 42
,
l �x 8 Retain Existing r bs 41
= � C Maintain hve.Action Plan 35
D i-rovIde Targeted Hiring Preference 34
Sub*dl_Workforce Related: - - 152
4 r
,.iSYpport ;Municipal Faalrty_
n �uppoiV. SM-iNc pal FaolAy(dcnati >to:4^e
A. coo,conservatory,museum,e:c.)'. - 84
_ - Name of-Facility
Sub-total Municipal Facility.. U F—'
Sub-total from Above: y�•p =-
Theunclersigned°owner[s]of real property;located within the City of South Bend,herby petition the t6t ' ri Council of the City
of South Bend for a real end/or personal property tax abatement consideration and pursuant to I.C.,6-1:1-12.1-1,et seq.;and
South Bend Municipal Code Sec.2-76 et seq-;for this petition state the above.
Submitted By: n Date:'-_,-I November 2&-, 2017
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ton and add to total from above.
points
lo� 49
A. s:
35
La-
Ac�P, 36
120
--M ]Sub-total Project Related:
r Size Promects(point values are cumulative):
25
g A2 68
f 21-CN t
65
OR�'.
0,;
140$�Oer Size Projects:
ni p "structure:
2�
39
52
...............
d* 131
Total from Applicant-Section: 539
Total ftorn St 461
Iwo
Total Public Benefi,t Point's.
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FORM SBA SBA I Real Property
=y --.! State Form 51767(R6 110-14)
- Prescribed by the Department of Local Government Finance
PRIVACY NOTICE
This statement is being completed for real property that qualifies under the following Indiana Code(check one box): Any information concerning the cost
Redevelopment or rehabilitation of real estate improvements IC 6-1.1-12.1-4 of the property and specific salaries
p p ( ) paid to individual employees by the
❑Residentially distressed area(IC 6-1.1-12.1-4.1) property owner is confidential per
C 6-1.1-12.1-5.1
INSTRUCTIONS:
1. This statement must be submitted to the body designating the Economic Revitalization Area prior to the public hearing if the designating body requires
information from the applicant in making its decision about whether to designate an Economic Revitalization Area- Otherwise,this statement must be
submitted to the designating body BEFORE the redevelopment or rehabilitation of real property for which the person wishes to claim a deduction.
2. The statement of benefits form must be submitted to the designating body and the area designated an economic revitalization area before the initiation of
the redevelopment or rehabilitation for which the person desires to claim a deduction.
3. To obtain a deduction,a Form 3221REmustbe filed with the County Auditor before May 10 in the yearin which the addition to assessed valuation is
made or not later than thirty(30)days after the assessment notice is mailed to the property owner ifit was mailed afterApril 10. A property owner who
failed to file a deduction application within the prescribed deadline may No an application between March 1 and May 10 of a subsequentyear.
4. A property owner who files for the deduction must provide the County Auditor and designating body with a Form CF-1/Real Property, The Form CF-1/Real
Property should be attached to the Form 3221RE when the deduction is first claimed and then updated annually for each year the deduction is applicable.
IC 6-1.1-12.1-5.1(b)
5. For a Form SB-1 1Real Property that is approved after June 30, 2013, the designating body is required to establish an abatement schedule for each
deduction allowed. For a Form SB-1/Real Property that is approved prior to July 1, 2013, the abatement schedule approved by the designating body
remains in effect. IC 6-1.1-12.1-17
SECTION TAXPAYER INFORMATION
Name of taxpayer
River Park Leasing Corporation
Address of taxpayer(number and street,city,state,and ZIP code)
c/o Randall Hesser; 121 West Franklin, Suite 400; Elkhart, Indiana 46516
Name of contact person Telephone number E-mail address
Randall Hesser 1( 574) 294-7491
SECTION 2 LOCATION AND D . PROJECT
Name of designating body Resolution number
Common Council of City of South Bend
Location of property County DLGF taxing district number
SW Corner of Main St. and Jefferson Blvd., South B I St. Joseph 71-011
Description of real property improvements,redevelopment,or rehabilitation(use additional sheets ifnecessary) Estimated start date(month,day,year)
Proposed investment of at least$9,000,000 to the development and construction of a new office building(with first March 2018
floor retail)at the SW comer of Main Street and Jefferson Blvd.,in South Bend,Indiana.
Estimated completion date(month,day,year)
July 2019
SECTION 3 ESTIMATE OF EMPLOYEES AND SALARIES AS RESULT OF PROPOSED PROJECT
Current number Salaries Number retained Salaries Number additional Salaries
15 750000
• r . . •-.
REAL ESTATE IMPROVEMENTS
COST ASSESSED VALUE
Current values
Plus estimated values of proposed project Q
Less values of any property being replaced
Net estimated values upon completion of project 90000M ,
-SECTIOW5 WASTE CONVERTED AND OPROMISED BY THE TAXPAYER
Estimated solid waste converted(pounds) Estimated hazardous waste converted(pounds)
l'99181jsestimates that the project will result in the creation of at least 15 new full time jobs having an annual payroll of$750,000 within
three years of building completion. These jobs are in addition to the creation of employment by tenants within the first floor retail and
office tenants on floors 2-4 of the building.
• CERTIFICATION
1 hereby certify that the representations in this statement are true.
Signature of autho' ed representative Date signed(month,day,year)
Nov. t0 , 2017
Printed name of authorized representative Title
�'Of.►nrt� Ck-cJ�9 �-�+9�JSr// �60.
We find that thb applicant meets the general standards in the resolution adopted or to be adopted by this body. Said resolution,passed or to be passed
under IC 6-1.1-12.1,provides for the following limitations:
A. The designated area has been limited to a period of time not to exceed calendar years*(see below). The date this designation
expires is
B. The type of deduction that is allowed in the designated area is limited to:
1.Redevelopment or rehabilitation of real estate improvements ❑Yes ❑No
2.Residentially distressed areas ❑Yes ❑No
C. The amount of the deduction applicable is limited to$
D. Other limitations or conditions(specify)
E. Number of years allowed: ❑Year 1 ❑Year 2 ❑Year 3 ❑Year 4 ❑ Year 5 (*see below)
❑Year 6 ❑Year 7 ❑Year 8 ❑Year 9 ❑ Year 10
F. For a statement of benefits approved after June 30,2013,did this designating body adopt an abatement schedule per IC 6-1.1-12.1-17?
❑Yes ❑No
If yes,attach a copy of the abatement schedule to this form.
If no,the designating body is required to establish an abatement schedule before the deduction can be determined.
We have also reviewed the information contained in the statement of benefits and find that the estimates and expectations are reasonable and have
determined that the totality of benefits is sufficient to justify the deduction described above.
Approved(signature and title of authorized member of designating body) Telephone number Date signed(month,day,year)
Printed name of authorized member of designating body Name of designating body
Attested by(signature and We ofattesfe6 Printed name of attester
*If the designating body limits the time period during which an area is an economic revitalization area,that limitation does not limit the length of time a
taxpayer is entitled to receive a deduction to a number of years that is less than the number of years designated under IC 6-1.1-12.1-17.
A. For residentially distressed areas where the Form SBA/Real Property was approved prior to July 1,2013,the deductions established in IC
6-1.1-12.1-4.1 remain in effect.The deduction period may not exceed five(5)years. For a Form SB-1/Real Property that is approved after June 30,
2013,the designating body is required to establish an abatement schedule for each deduction allowed. The deduction period may not exceed ten
(10)years. (See IC 6-1.1-12.1-17 below.)
B. For the redevelopment or rehabilitation of real property where the Form SBA/Real Property was approved prior to July 1,2013,the abatement
schedule approved by the designating body remains in effect.For a Form SBA/Real Property that is approved after June 30,2013,the designating
body is required to establish an abatement schedule for each deduction allowed.(See IC 6-1.1-12.1-17 below.)
IC 6-1.1-12.1-17
Abatement schedules
Sec.17.(a)A designating body may provide to a business that is established in or relocated to a revitalization area and that receives a deduction under
section 4 or 4.5 of this chapter an abatement schedule based on the following factors:
(1) The total amount of the taxpayers investment in real and personal property.
(2) The number of new full-time equivalent jobs created.
(3) The average wage of the new employees compared to the state minimum wage.
(4) The infrastructure requirements for the taxpayer's investment.
(b) This subsection applies to a statement of benefits approved after June 30,2013. A designating body shall establish an abatement schedule
for each deduction allowed under this chapter. An abatement schedule must specify the percentage amount of the deduction for each year of
the deduction. An abatement schedule may not exceed ten(10)years.
(c) An abatement schedule approved for a particular taxpayer before July 1,2013,remains in effect until the abatement schedule expires under
the terms of the resolution approving the taxpayers statement of benefits.
r ed in Clerk's Office
NOV 212017
KAREEMAH FOWLER
LCJE CLERK,SOUYH RE�U,IN